CoinDesk
Brussels-based digital asset services firm Keyrock has been declared the successful bidder for bankrupt crypto trading and lending firm BlockFills, agreeing to a purchase price of $3.25 million subject to approval from the U.S. Bankruptcy Court for the District of Delaware. A court hearing to consider the sale is scheduled for June 16, 2026.
Under the deal, Keyrock will assume substantially all of BlockFills' assets, certain liabilities, equity interests, customer lists, and proprietary technology and intellectual property — including a client base of roughly 2,000 institutional counterparties spanning hedge funds, asset managers, market makers, and mining companies.
Why it matters
BlockFills filed for Chapter 11 in March after reporting liabilities of $100 million to $500 million against assets of only $50 million to $100 million. The firm had suffered roughly $75 million in losses and suspended customer withdrawals earlier this year. At $3.25 million, Keyrock is picking up a distressed but operationally rich book — BlockFills recorded over $60 billion in trading volume in 2025, a 28% year-on-year increase, and was one of the more active desks in institutional crypto lending and borrowing.
Market impact
The acquisition accelerates Keyrock's institutional push. The firm raised a Series C at a $1.1 billion valuation led by SC Ventures, Standard Chartered's venture arm, and acquired Luxembourg-based fund manager Turing Capital last autumn. Adding BlockFills' institutional network and OTC infrastructure at a fraction of book value is a textbook distressed-asset play — and a signal that well-capitalised market makers are consolidating the institutional liquidity layer as weaker players exit.
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